The future of the world economy is uncertain. COVID-19 has sent ripples through international supply chains, while local communities are on lockdown. Governments are sending massive cash payments, amounting to trillions of dollars of deficit spending, to their citizens. Consequently, we may experience hyperinflation. If this happens, then crypto may be a safe haven from the demise of fiat currency. If that happens, then we may see an explosion of digital currency transactions online, where bitcoin payments will replace credit cards and Paypal.
Third Party Bitcoin Processing Solutions
There are plenty of third party vendors that offer plugins for various ecommerce platforms. These bitcoin payment gateways charge a small fee for enabling digital currency transactions on a website. Everybody in the crypto universe knows about Coinbase, but here are a few other options:
Your Own Bitcoin Processing Server
What happens when you get rejected from 3P bitcoin processors? For example, what do you do if you sell holistic remedies that fall into a gray area at the state level? An herbal supplement like kratom, for example, is legal in most states, and it’s legal at the federal level. But, it falls into a gray area and is banned in a few cities and states. If you get approved by a 3rd party bitcoin payment gateway, you may eventually find your account closed. When that happens, you will scramble for a new solution. Or, you may just prefer not to pay fees on every transaction. If this is you, then consider installing your own bitcoin server. One provider is BTCPay Server. You will need a server administrator to set up a hosting account for you. And, you’ll need to pay monthly web hosting fees. But once you’re set up, you’ll be able to process your own bitcoin payments at virtually no cost over the standard mining fees.
Your web administrator should be able to read their docs and install the solution for a variety of shopping carts. WooCommerce is popular among WordPress websites, and there are documents for Magento and other shopping carts, too.